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Oct 6, 2012 7:00pm EDT
solutions in a wide range of industries. what can we do for you? >> as spain teeters on the edge of an economic abyss, is chaldea about to make a bid for independence? -- is catalonia about to make a bid for independence? calls for separation grow louder. we talk to the politicians to see if catalonia is about to go it alone. fighting continues in syria this week. we speak to the former secretary general of the united nations, who has issued a stark warning about the syrian conflict. >> if they cannot come together or find a way to work together, then we are in a really, really hopeless situation. >> on board the africa express', the train which runs on music. hello. spain is poised on the brink of a bailout this week, but as the country's economic woes mount, there are cracks appearing within the complex relation between barcelona and madrid. catalonia is not germany, but the region is the economic powerhouse of spain, and nationalists there resent subsidizing other regions and in making their voices heard. >> of catalonia does one day get its own air force, it will probably be
Oct 2, 2012 5:30pm PDT
. mark phillips on the financial crisis in europe. it's so bad in spain some people are forced to do their shopping in the trash. charlie d'agata in afghanistan where american troops are on the lookout for enemies among their afghan allies. >> every soldier is required to carry their weapon with them at all times. and an ingenious idea for helping the poor inspired by his mother. >> i'm hoping my mother is watching and that she is enjoying this. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening, election someday five weeks from today but many of the states are getting a head start. today voters in ohio-- one of the key battleground states that will tip the balance on which way this election goes-- began casting their ballots. that brings to eight the number of states where voting is already under way. 34 states in all will begin voting before november 6. the latest preelection polling in ohio-- the second-biggest battleground state-- shows president obama with a ten-point lead over mitt romney, 53% to 43%. dean reynolds is in the bu
Oct 10, 2012 7:00am EDT
launches its first-ever appeal for money to help deal with spain .haire hundreds of thousands have been pushed into poverty by spain's economic crisis. hello and welcome. i am gaenor howells. -- i am george alagiah with a rolled of news and opinion. one member of punk band pussy riot has been freed, but another must remain in prison, in russia. in pakistan, a 13-year-old has been shot in the head by the taliban. >> we are in a global race today. that means an hour of reckoning for countries like ours to sink or swim, do or decline. >> it's midday in london, 4:00 in the afternoon iis, bad. 1:00 in the afternoon in madrid. the spanish red cross has launched its first campaign to help those living within property within its own borders. in the past its helped poor people around the world. last year the charity helped 2 million people in spain. but the harshest economic crisis has pushed another of 300,000 into poverty. tom is in madrid. >> the spanish red cross is one of the best known charities here, known for helping international causes, disaster- stricken or property-stricken countries
Oct 16, 2012 7:00am EDT
environmental disasters going on trial in northwest spain. -- three men are accused. the prestige oil tanker sank off the northern coast of spain 10 years ago. tom is in madrid for this. you better remind us of just how bad this was. it was a long time ago. >> it was november 13, 2002, when the prestige oil tanker off the coast of northern spain in the northwest of the country ran into trouble in a storm. there was a time of six days until it finally split in half and sank, killing 64,000 tons of crude oil into the sea, which is then washed up on the beaches all across the north of spain and the southern france, causing huge amounts of environmental damage and affecting the fishing industry, which is crucial. a huge amount of people, tens of thousands of people depend on the fishing industry in that part of spain. 10 years on, after a complicated legal process which involved parties from different countries, france, spain, civil claims, fishermen, the companies which ensured the boat as well, finally three men have been sitting in court this morning accused of causing that oil disaster and t
Oct 4, 2012 4:00am EDT
to fix the u.s. economy. waiting on spain, the ecb expected to hold steady on rates. country's president tells cnbc that europe's policymakers must remain focused. >> if we get bogged down into what was meant by the june agreements and waste time on this kind of discussions, then it's much less likely that a coherent system will emerge. >> madrid continues to put faith in the hands of private investors while finance minister heads to london to raise funds for the country's bad bank. and india's crucial services sector grows at its fastest rate in seven months, while the government gets set to take another swing at boosting it through foreign investments. thanks very much for joining me. anyone that's missing ross, he'll be back in tomorrow. but for now, you're all mine. . plenty to come on the next couple hours of the show. lots of guests to help us figure out what's going on. we'll get a view from sydney about cautious shoppers. borrowing costs are expected to fall. we'll bring you those results from madrid. and we'll head out to malaysia for an exclusive interview with the country's pr
Oct 8, 2012 7:00am EDT
to say that it was not against the constitution. the rescue pot is 500 billion euros. spain is probably at the top of the discussion, given the spanish government still refuses to ask for a full-blown bailout. euro zone leaders will try to nurture the spanish economy through the troubled banks. first on the list will probably be a bailout for the spanish bank. greece is also a big worry. the european central bank on the ground but in a report card together. they cannot seem to come to agreement between the lenders about the next round of cuts to greece, which could delay the next round of bailouts for the country. the next question is can the country afford a waiting game? >> among issues is the progress for 2013. it's been relatively ok, because most of the items have been approved by the troika. so much of the additional services measures of $13.5 billion, now they look more less set. nevertheless, we need some further write-down of greek outstanding debt burden. if the imf or to participate in the program, then it would need sustainability. the forecast for the economy for the next y
FOX Business
Oct 4, 2012 3:00pm EDT
business story. we're looking at something no one man can control which is spain on the brink. we could be hours away from spain throwing in the bailout cow land asking for a rescue package. joining me in a fox business exclusive is david riley, head of sovereign ratings. you have got to tell us what happens next? what happens to spain's rating which is a triple b minus which is not great if spain says we are ready for the bailout and european central bank says let's face it now? >> we think it would be a positive development of spain stocks did during over whether to request help or not and needs to request that helped if it is going to unlock the firepower of the european central bank in terms of bond purchases by the ecb. we have said this before. if spain was to ask for that support that wouldn't trigger down rated speculative by fitch. if it helps to stabilize the financing situation for spain as a whole and helps stop the flight of capital we have been seeing in the case of spain that does give the government some time to restructure the banking sector which it needs to do and del
Oct 11, 2012 7:00am EDT
continues to resist asking for a full blown bailout. the u.s. rating agency, down graded spain's credit rating by two notches. where does it leave spain? on the cups of junk status. this is the last thing that the prime minister wants or needs because it will make the cost of barring higher for the country. let's remember next year, 2013, spain needs to borrow from the international market $260 billion. that will be awfully difficult to do with a credit rating on the cusp of junk status. the other problem, you've got a rock and you've got a hard place. where's spain? >> in the middle? >> right in the middle. because basically down graded spain's credit rating because it hasn't asked for a bailout. moody, the other big crating agency says if spain asks for a bailout we'll down grade you. the standard report also highlighted countries. listen to this one. >> about the regional problems with the central government. and that's, i think an indication about the problems up in that northeast region of spain. of course barcelona is the capitol, essentially that region has said we're not getting
Oct 26, 2012 7:00am EDT
spain and show hurricane sandy is threatening massive destruction against the east coast of the united states. it is midday in london, 7:00 in the morning in beijing, 3:30 in the afternoon in kabul, where afghan officials are once again faced with the news of violence in a country once considered stable. a suicide bomber targeted at a mosque in maymana, capital of faryab. 40 people were killed, almost half of them policemen, and 50 were wounded. we will cross over to the afghan capital of kabul and join our correspondent to get the latest. what is the very latest news you have about what happened in the mosque? >> their work he added scenes as a suicide bomber at managed to get your elise four -- through at least four lairs of security. worshipers had just left the mosque and were standing outside the provincial government. many high-ranking officials and police chiefs were still inside when the blast went off. they managed to escape serious injuries. but the worst affected were afghan policeman who had been guarding the mosque and civilian or shippers who had just come out -- civilian
Oct 8, 2012 4:00am EDT
to the streets across spain. saying unless the government holds a referendum on the budget cuts, they will call a nationwide general strike in november. last month rajoy unveiled 13 billion euros in fresh austerity measures. more protests also expected in athens storm when angela merkel arrives for her first state visit in three years. it comes after another weekend of failed talks between the troica and the greek government on the cuts required to release the next tranche of bailout money. speaking to german tv, the finance minister schaeuble says it's not a sure sign aid would be received. >>> and silvia is in luxemburg. so what can we expect on this never ending magical mystery tour that is the eurozone debt crisis and policy making, what is the stop we're at today? sgrt ca >> the caravan moves on, make haste, make haste. first it's a meeting of the esm. we've waited for that long enough. so the esm as of tonight should be operational. that of course is the first little duck that needs to get in the proverbial row before other things can fall into place. thousand the ball is back in madrid.
Oct 11, 2012 4:00am EDT
. >>> s&p down grades spain to just above junk status saying not to emerge capitalization. >>> christine lagarde calls for developed nations to do more to get their budgets in order, while urging greece more time. >> central banks take action on slowing grow global growth. economy with waiting demand. >>> plus the stakes have been raised for tonight's debate. new polls show the race for the white house has tightened. >>> welcome. it's thursday here on "worldwide exchange" and spain now holding above junk status. >> raising interesting questions as we'll discuss later in the program about investors' ability to maintain exposure to the sovereign. >> s&p move was expected, but it came after the euro group meeting. people now looking to moody's. if spain goes to junk, what does it mean for corporates. >> how many companies have we seen that are big, healthy companies being penalized and may not being able to have people invest in them because their rating is linked to the sovereigns rating. so whether they start to try to detach those or just the pressure it puts on those comp
Oct 9, 2012 8:00pm EDT
>> the vice president of banco santander from one of the world's largest banks said that spain is making positive steps to get back on non-fiscal ground. this is an hour 10 minutes. >> when they welcome all of your today's her peterson institute for international economics. the crisis at the euro continues to be at the center of the global economic agenda. spain has now moved close to the center of the crisis of the euro. the spanish banking system is obviously a critical part of the economic questions facing spain. and banco santander is knowledge the largest leaving vague, but in the liguria. i think we have an ideal speaker today to address a whole series of problems that we think about in the context of european crisis. a representative of the bank alleges that the ones hand in the middle of the spanish banking system. at the other hand, is the largest bank in spain spain and one which by any measure is solid vr approach and therefore in a very unique position to give us an appraisal of both the spanish economic outlook and particularly the prospects for the spanish banking
Oct 16, 2012 9:30am PDT
montenegro's police busy. and true love -- why a wedding show is a hit on turkish tv. the crisis in spain is not just economic. it is also political. the relationship between the spanish regions and the central government in madrid was never exactly friendly. under the franco dictatorship, until the mid-1970's, the people of catalonia were not allowed to speak catalan. today, as he is different. catalonia is an important driving force in the spanish economy, but an increasing portion of the population believe they would be better without madrid. >> team work -- that is what matters most in the textile, probably the most famous catalonian tradition. these human pyramids can be more than 15 meters high, a test of courage for the youngest climbers. various groups are taking part in the competition on barcelona 's main square. this is an occasion where cattle lands revel in their ethnic pride -- or cattleman's -- where catalans revel in their ethnic pride. this year, a new cry can be heard -- "independence." >> spain has ruined us. spain does not respect our culture or our language. this has
Oct 2, 2012 9:30am PDT
republic. controversial mines -- gold rush in spain. and flexible giant -- polar bears in the arctic summer. >> the czechs hard to beat when it comes to drinking alcohol. statistics say they consume more than any other eu nation, but they have also made a name for themselves as alcohol producers. the original budweiser beer, for instance, comes from the czech republic and not from the u.s. but hard liquor is also in high demand, and it is expensive. the czech police have arrested members of a gang who made a fortune selling tainted liquor. more than to give you a dozen people died after drinking it, and numerous others are less scarred for life. >> vladimir drank just one glass of from the fourth watching a football game, but something tasted wrong. now he is lying in bed in the hospital blind and seriously ill, just like 20 others in his neighborhood. >> it was like somebody suddenly turned the lights off. everything went great. then my daughter brought me to the hospital. by that time, i could only see silhouettes. >> now? how's it now? >> now everything is start. completely black. i cann
Oct 11, 2012 2:30pm PDT
predicting for 2012 in their spring report. >> from greece to spain, the ratings agency standard and poor's has lowered spans credit rating it a real notches. it is now just above junk status. >> there is increasing risk to spain posted public finances as well as growing tension between federal and regional governments -- increasing risk to spain's public finances. >> another blow for the eurozone's fourth largest economy. spain's credit rating has slumped to bbb-, one notch above junk status. the outlook remains negative. stated and poor's cited the lingering recession and high unemployment -- standard and poor's cited the lingering recession and high unemployment. >> we are adhering to our timetable and meeting our deficit targets. we will not change our policies or our targets. >> spain rejects imf's suggestions that it needs more time to stabilize its economy. some analysts say the delay in asking for aid is worrying markets. member the pressure to ask for a bailout is making the country suffered. nobody wants that. not germany, nor spain. that alone could put us closer to a bailout.
Oct 16, 2012 2:30pm PDT
like spain, or for example paris, france, that they will have much of a stomach for this. it does entail handing over budgetary sovereignty in very large measure to brussels. when we are talking about paris and madrid, i dread to think about what the reaction would be from the united kingdom, a euro-sceptic country. >> schaeuble has also talked about austerity, there being no option to cut the budgets right now, leading to riots in greece, spain, and recently, portugal. does he have any alternative? >> the core message is austerity, more austerity, financial reform -- continue on that track. we have also recently had a comment -- "there will be no state bankruptcy in greece," which has been widely interpreted as an easing up on the pressure on athens. >> thanks so much from our parliamentary studios. the european union health commissioner has quit after being implemented midget -- implicated in a fraud probe surrounding a new eu tobacco regulation. a swedish company claimed that in the soviet offer to help legalized the sale of its tobacco products in exchange for cash. officials
Oct 9, 2012 11:00pm EDT
services. then the vice president of spain's largest bank talks about the european debt crisis. that's followed bay discussion on the foreign policy plan laid out by republican presidential nominee mitt romney. >> look at c-span radio at the 15th anniversary amber tweets happy birthday. i have been listening to on the morning commute for years. here to tell us more about the c-span radio is nancy. he's been there since the beginning. tell us about the programming that people can hear on c spainc radio. >> well, as you mentioned, washington journal ever morning beginning at 7:00 a.m. eastern time three hours of interviews, news updates, and your phone calls, e-mails, and tweets. and then after washingtons, and journal we cover a variety of the events from capitol hill to public policy events takes place around the city.cover a today, for example, senatoric chuck schumer, a new york democrat will be speaking talking about the presidential election and tax reform. we'll have it live for you on c-span radio.el antid spean -- speaking of thesn presidential election we cover the debate, th
Oct 2, 2012 4:00am EDT
. >>> in is "worldwide exchange." these are the stories from around the world. spain's unemployment rate rises 1.7% in september. further weighing on market sentiment as rumors circulate madrid could ask for a bailout as early as this weekend. australian central bank has a 25 basis point rate cut, throwing up red flags on fallen commodity prices. and germany's biggest ipo does get off to a pretty good start, shares trading higher at the open. plus banks waiting a report expected on to recommend splitting retail and investment banking. we'll speak to the man in charge on cnbc later today. >>> kelly is off for the week, so jim is here with me. >> thank you. >> need extra reinforcements. and they don't come any better than having you on this morning. we had spanish unemployment out this morning and i know we have to talk china and australia, but on your travels at the moment, what do you think of the rather nonlinear as you put it in your notes, this nonlynn krer progress where we're at, the ecb waiting. economics is getting worse. >> well, actually, let me start with the last point yo
Oct 25, 2012 7:00am EDT
%. it's because of the property market in spain mostly. buying bad mortgages. reminding everybody that spain had a dramatic property boom, people were buying property in droves on relatively cheap mortgages and then came the crisis, the bubble bursting of the spanish property market. that left millions of people holding a mortgage of property where the mortgage was worth more than the property. that is a big problem. santander this year alone has set aside $4.5 billion to cover bad loans. since the bubble burst it has set aside $24 billion. the problems go even further for santander. it's not just spain. >> the results were set apart from the rest of the spanish banking sector because of its exposure to latin america. latin america and in particular brazil is starting to drag on sentence there. i think the concern is not only bad loans in spain, because there will be a lot more them given the bank of spain this week said the economy contracted by another 0.4% but also a brazil's growth forecast over the past two years has tanked. fairly murky. >> it is. the problem is being a glob
Oct 11, 2012 2:30am PDT
& poors lowered the credit rating on spain. now just barely above the level of junk status. the agency also warned of more potential cuts ahead if the country fails to take the proper steps to slow its economic slide. let's get more on the story now from karen cho. good morning. >> good morning. the folk us is back on spain's funding costs and ability to tap the market. we saw the downgrade above negative market. some of the losses have been trimmed. spain is still tracking low. it was down about 1%. now off about .1%. the reason why you're seeing such a recovery so quickly is because this is just closing the gap between s & p's rating and moody's rating. moody's is sitting at the equivalent of a-3. quet the question is if they cut spain to junk status. we do have the ecb, there is a backstop on bond buying program. and they made a commitment that they stand ready to help out spain if it makes a formal request. that is the key whether spain is going to turn around and say it does need the help from the ecb. you know, borrowing costs to day, corporates in spain, that's gone up along wit
Oct 10, 2012 5:00pm EDT
. for example, spain comes out and raises their skmand says we need help. the s&p is 30 points higher. that is definitely out there. although i'm definitely in the apocalypse side of things i do think the world is an extraordinarily scary place this is risk/reward on a side. >> sort of aali lackluster test it seems like the buyers are fading. volumes have been light forever. so i'm not really pointing to volume. i'm pointing to going into year end there is a list of things people are worried about. >> if you have earnings season right now when we have only had alcoa who cares. we have the meat of the things people need to hear about. i almost feel like the price action is somewhat without direction. a couple of reports we got tell you what we know. i don't know that we are in such a scary place. technically we had the we need it. >> this list has been in existence probably since the beginning of this year. >> never get hit by the bus that you can see. you have to have some shock out there. the one thing this market hasn't priced in is the improving economy. the numbers aren't that gre
Oct 3, 2012 4:00am EDT
rajoy has denied reports that spain will request a bailout. the spanish prime minister joked that news agencies either knew more than he did or that they were, in fact, wrong. meanwhile, moody's rating agency said it will publish a review into spain's credit rating at some point this month. all spanish tax revenues have jumped significantly from precrisis levels due to a high incide incidents -- and seeking profits abroad as domestic demand wanes. just over $16.5 billion euros from corporate tax from the almost $45 billion collected in 2007. let's get out to julia in madrid. this was always going to be one of the challenges for the rajoy government to keep a handle on revenues as it tries to cut spending and increase taxes. >> reporter: absolutely. yes, he's announced the billions worth of austerity measures, but to some degree has tried to protect businesses. he understands the issue and the importance of the tax receipts. we're talking about an economy with a 25% unemployment rate, above 50% for young people. it's not easy for these businesses. you only have to look at the pmi readin
Oct 9, 2012 9:30am PDT
of the year, he faced joining the hordes of other unemployed people in spain. but he was not entitled to benefit because he had been self-employed. >> i do not want to be dependent on anyone -- not on family, not on friends. i wanted to be able to put food on the table, put a roof over my head. i came up with this idea. i am quite content with it. july and august were really difficult months. i hardly earned anything, but christmas is a while off yet. if i can buy a nugget then, that no carry on. >> unions if he can afford the traditional seat, the year must not have been so bad. shoe shiners cannot set up wherever they want, so he went to the heart of historic old town. i did not take much persuading. >> i have been looking for a shoe shiner to work outside the cafe for a long time, but i wanted someone honest who does not keep the tourists. >> it is therefore all to see. as well as shoeshine, he now designs the cafe placemats and posters in exchange for a free lunch and a few extra euros. >> he is also increasingly becoming our voice on the internet. i really liked the way he does i
Oct 19, 2012 2:30pm PDT
red cross is using this add to highlight the plight of the many people in spain finding it hard to make ends meet. for the first time in its history, the red cross is collecting donations for the unemployed here. some in spain are having problems affording food. others cannot pay their mortgage. when i intend goes back payments. the opposition in the northwestern region is skeptical of the government's response to the crisis. >> they're not going to bail out they're going to bail out the banks of the rigid at the expense of people, pensions, public workers, and social rights. that is why bringing forward these elections is not an innocent move. it is calculated so the first, there is the vote, and then they will do what they need to do. >> spain has already received aid for its embattled banks, but new figures released by the central bank suggest that may not be enough. many of the country's financial institutions are struggling and the weight of bad loans -- under the weight of bad loans that will never be paid back. at last count, they totaled 179 billion euros, 50 billion eur
Oct 23, 2012 7:00pm PDT
spain. >> yes, indeed. earnings in the u.s. certainly came into play beating down overall sentiment, and also we did see the euro coming into play as well. it weakened against the yen as well as the dollar, and i followed down grade of five of spain's economic regions by u.s. rating agency moody's and that also caused a bit of a jump in spain's government bond yields, so that was a major effect there. let's have a look at the opening levels for this wednesday, october 24th. the nikkei and the topix trading down, the nikkei down by 1%, 8925, and topix at 743. the nikkei did end yesterday slightly higher, extended gains to seven days, doesn't look like it will do that today. i must add yesterday the last couple of days has been on lower than average volume. we'll see how it plays out today. basically what are investors waiting for? the answer may very welcome from the bank of japan meeting due out next week due to convene next week and investors seem to be expecting japan's central bank to get ready to take extra measures to boost growth and perhaps increase its asset buying program w
Oct 11, 2012 4:00am PDT
. a ruling expected next year. cbs moneywatch. spain's credit rating gets slashed and the end of the line for coca-cola's returnable glass bottles. ashley morrison here in new york with more on that. >> reporter: good morning. standard & poor the credit rating agency cut its rating on spain's debt to the lowest investment grade status. spain's debt crisis has triggered social unrest and driven unemployment to almost 25%. s&p warns banks could be downgraded further if economic conditions continue to erode. the news about spain sent most asian stocks downward. tokyo's nikkei dipped half of a experience for a third straight day of losses while the hang seng added a quarter percent. wall street stocks were lower. the dow lost 128 points on wednesday, the sharpest decline since june. nasdaq was down 13 points. the housing market continues its low gear recovery. realtytrac says the number of foreclosures dropped to a five year low. there were more than 180,000 filings in september the second consecutive monthly decline. the department of energy expects temperatures to be normal this winter and
Oct 16, 2012 5:00pm PDT
. a bit of volatility will track soft bank today as well. yuko. >> there is a lot of focus on spain and the possible request for a bailout. >> a lot of focus on the euro and spain of course and the bet is that spain may actually ask for a bailout which will mean the european central bank can step in and buy spanish bonds which will push bond yields down and help spain to finance some of its funding. let's have quick look at th cuency levs now as well and you can see the dollar/en78.82 to 86 and the euro/yen 103 to 35. should be good for exporters as well. another focus is the presidential debate going on now and the focus on the u.s. economy. yuko, back to you. >> thanks, ramin. japanese business leader and the french foreign minister agreed that a free trade deal between japan and the european union would spur economic growth. japan's business federation chairman met france's foreign minister in paris on tuesday. he asked him for france's cooperation. they need consent to start talks to conclude an economic partnership agreement with japan. he says that france is a country that bui
Oct 26, 2012 4:00am PDT
is a spanish instrument and the lyrics are from spain and the type of song is indigenous and the type of percussion can is african. >> (inaudible). >> yeah, you could hear in the music. it has that pitch and that sadness to it. >> (inaudible). >> okay. so can you play the first song? we will show you a little bit and then you guys can come up and dance. (music). (applause). (music)
Oct 2, 2012 1:00pm EDT
average, waiting for spain to ask for a bailout request. it is that simple. 11:15, 11:30, the prime minister of spain came caught and said you listen, we are not going to make any requests imminently, we don't know what the word imminent means. don't know if it's going to be a week, two weeks. >> and the market dropped on that knew you can see slowly starting to come back. look at the major sectors, the bottom line today this is one of those indeterminate days, hard to determine exactly where the marget should be going based on this you notice the tears, sue, weaker than the rest of the market. the fertilizer is to the downside, mosaic, weak numbers, the demand for fertilizer strong in the united states. they have trouble getting it to people because of the mississippi river was low and hurricane isaac was a problem. >> we will talk to you later. i want to ask but the transports. bob pisani, ty, back to you. >> thank you. >>> consumer spending making up 70% of the u.s. economy, this holiday shopping season a key gauge on whether this sluggish economy can shift into a somewhat higher
Oct 17, 2012 4:00am EDT
. it's changed the perception of so many international investors who have to follow indexes. spain remaining investment grade. only just, but still avoiding junk. >> still a negative outlook. >> but the fact that it is there, that's caused many of the accounts, the big investors who are sitting on the side saying okay, we know that spain has rallied. we've missed that rally. we're not going to get involved because we fundamentally doubt spain, but now this affirmation coming in means they have all had to go oh dear, capitulation, catch-up time. >> are they choosing to, or do they have to? >> if they want to match the indices they benchmark themselves, which still contains spanish debt, many of them are expected to go in. on the other side, though. we know that the spanish market has changedmassively. only 20%, maybe slightly more, of spanish bonds are now held internationally. most of the market is repatriated to spain. it's not a fundamental belief that spain is going to be fixed. >> an official bond buying as well. all of that is presumably good risk for appetite generally. bad n
Oct 10, 2012 4:00am EDT
, the huge moves. we are seeing yields move higher for spain, italy, and the uk, interestingly enough. 5.88% there is the level for spain. it is by the day inching closer to that 6% level. italy, 5.12%. bundes are still sitting in the one to mid 2s. >> apart from euro dollar, which is lower. it was above 1.29 yesterday. not the biggest moves. elsewhere, pretty much where we were, as i say. now, the eurozone needs a banking union to overcome sovereign risks. that's what the ecb governing council member said in japan today. he is also the governor of the bank of france, says the region needs to decide on a framework by the start of 2013, although he's admitted it might take a little bit longer to decide on the details of that framework. cyrus is managing director for asia pacific at idc financial insights and joins us for more. what are the implications if we do manage to get sort of a single banking framework in the eurozone? >> well, i mean, there is already a single banking parameter within the eurozone. if you look at the basel 2 and the basel 3, that originated out of the european con
FOX Business
Oct 1, 2012 1:00pm EDT
deep for their own good or not deep enough? we'll ask sean eagan. last week his firm cut spain's rating for the 7th time this year. ashley: eww. here are currencies how they're doing against the dollar. euro is up, how about that? u.k. pound down slightly. we'll be right back. >> at 23 minutes past the hour i'm lauren green with your fox news minute. three u.s. troops were monk those killed in a bombing attack in afghanistan. at least 11 others were also killed. the taliban claimed responsibility for the blast which came a day after the u.s. death toll in afghanistan reached 2000. >>> the supreme court court refused to consider an appeal by a unit of bank of america on a ruling that allowed black brokers who accused it of bias to pursue a lawsuit at as a class action. they were accused of diverting blacks to clerical positions and giving accounts to white brokers. >>> researchers at the university of british columbia that global warming will reduce the size of 600 species of fish by 2050. they say warmer oceans will reduce the amount of oxygen in the water. those are the headlines on th
FOX Business
Oct 15, 2012 1:00pm EDT
the future of the region. the key issue on the agenda of course will be greece and spain as leaders try to keep the euro zone intact. can it be done? we will have an expert later on in particular will be talking about spain. the pain in spain. >> get it, spain and pain? put them together. ashley: yes. >> my futile attempt at creativity. it is half past. let's get a check on the markets as we do every quarter hour. nicole on the floor of the new york stock exchange with a guest for us. nicole: we were just actually talking about the 25th anniversary of 1987, the crash of 87. we won't go into that, but let's talk about what we're seeing here today, up arrows across the board. what do you think? >> i'm very surprised because we were up premarket. then we sold off. really flat all morning after we got the advanced retail sales which was a good number. but the market struggled again. struggled right on that 50 day moving average. technically it is still trying to make sure that that's a level of support. now we have seen the market turn right around. citi bank earnings are helping that. what
Oct 5, 2012 4:00am EDT
the door to more action later this month. also, spain's finance minister says the country does not need a bailout facing a skeptical crowd in london, but could rajoy be cornered by the leaders of france and italy at a meeting today? i've been away for a couple of days and thanks for whoever filled in. on today's show, planning more sanctions on iran. we'll look at the worsening impact on the panel of experts. larry fink said the u.s. housing market is inching closer to a rebound. we'll hear more from that interview. and can the united states dodge a financial cliff in we'll speak to a guest who has clear ideas of what needs to be done. first it's about the jobs report, unemployment report due out at 8:30 eastern. economists think yet another month of modest job growth, but not enough to make a dent in unemployment. dow jones forecasted nonfarm payrolls for an increase of 118,000, it was 96,000 in august. unemployment seen holding at 8.1%, it's judgmented that job gains of 150,000 or more are needed to bring down unemployment. how long will they be doing this for then and what is today's
Oct 12, 2012 4:00am EDT
tells cnbc spain's prime minister isn't asking because there's a real fear leaders would possibly say no. >>> and investors hang up on japanese. it may be too costly. >> plus jpmorgan and wells fargo are set to report third quarter results. >>> this is the last trading day of the week here. and we have the i-8 report out that sees pricing easing. they have lowered their growth forecast, though. and it says iran exports hit a new low in september. so there's obviously a bit of a difference between what's going on in the short term forecast and the longer term, as well. so they're looking at annual supply growth of #.5 million barrels a day, average oil demand growth of 1.1 million a day. so over the next five years, sluggish economy will slow oil demand growth and more oil put into the economy. nevertheless, nymex is up because they talk about as well this morning spiking higher anyway. and we've seen brent surprisingly up near 116, 15.60, as well. so the iranian exports hitting a new low in september may just be helping that spike up. >> iea says supply risk whether iran, iraq, are still
Oct 15, 2012 4:00am EDT
this week. said they're considering giving greece more time. and he also suggests spain saying madrid is open to considering a bailout request. >> it was another weekend of protests on the streets of madrid with thousands demanding an end to austerity. and on the sidelines of the imf meet i can't 20ek i can't, spain's finance minister signaled the government would hold back on requesting a bailout. still ecb member told the "wall street journal" spain shouldn't wait for the market to pressure it into asking for aid. and austerity protests also took place in lisbon. more demonstrations are expected today as the portuguese government presents its 2013 budget and measures are expected to include enormous tax hikes on the middle class and financial transaction tax. >> we're still monitoring of course this softbank conference, as well. they say they will continue to focus on early net reduction. no equity financing has been used and no change in the company's dividend policy. >> and they say the combined company will have 96 million users. and this i find interesting because it gets to the
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